Over the last five or 6 years …Can You Email Payslips Direct From Papaya Global… roles on the service provider side and also on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really really dreary and I want I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business maintain separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we’ll also review a wrap-up which should leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more typical and handling them becomes increasingly more complicated International companies are looking to find Solutions and brand-new ways to simplify processes specifically from a payroll and cross-border payment perspective lots of organizations maintain separate savings account just for payroll while some have numerous accounts in various countries does it make good sense for business to preserve separate checking account sometimes in different nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business enhance the episode complex processes of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex challenge for organizations operating globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how business anticipate payroll expenses to optimize working capital, and find how streamlining global payroll payments can transform them from a troublesome task into a strategic asset.
Handling payroll worldwide is a daunting task due to different guidelines, compliance requirements, data security issues, and banking rules. The large variety of workers and services adds to the intricacy, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems typically result in manual processes, data silos, and a lack of integration, causing disparities and inadequacies. Regardless of residing in an era of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to provide insights and options to streamline and enhance worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company spends on global payroll the less of a photo they see a lack of presence also reaches payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the deal almost half of global organizations have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes badly communicated hires and terminations as well as lack management and system configurations and after that when you round all of it off and the data is shipped to the incorrect location the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they count on the required multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges organization face when they’re paying to employees or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t require to be consisted of right and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity any place you look ideal eventually developing a knowledge base is definitely important however all over you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is permitting us to kind of progress with that it also also to contribute to that payroll and finance require to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and finance teams work better together than ever um I’m always surprised when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
The modern world places a high worth on wellness and the compensation landscape is ending up being progressively intricate. Organizations are continuously presenting brand-new advantages and payment choices, which adds to the general intricacy. Big corporations typically divide their payroll and payment processing into separate teams, which can lead to inefficiencies and bottlenecks. In my viewpoint, this doesn’t have to hold true. In today’s highly advanced era, there’s no reason for maintaining troublesome procedures. Payroll, the company’s most significant expense, need to be processed properly and on time. Even small hold-ups can adversely affect employees’ well-being and have far-reaching effects. Therefore, it’s crucial to prioritize precise and prompt payments.
payroll group get um so I’m not sure anybody on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such a crucial cycle all of us become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done correctly so leveraging the first Global Payments very first payroll payment solution is a great first step um offering an end-to-end payroll service for your employees globally once again I believe is another substantial um process once again lining up and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of businesses and minimizing the variety of tools platforms and bank accounts they require for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks
anyway we understand how how important a function it is which’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everybody that’s involved in those processes and likewise so picture sorry I’m just I was simply gon na say envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and actually see what was going on and kind of shot to return to everybody so carrying on look why do companies select to main separate bank accounts there are Can You Email Payslips Direct From Papaya Global services out there doing precisely this for specific countries and I have actually worked in an organization or numerous businesses doing precisely that I can say it doesn’t always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we don’t have to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the requirement I think people have actually got so used to we require a brand-new savings account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I think this is a procedure that needs looking at it needs changing however eventually individuals are very stuck with what they recognize
with best um modification is a difficult thing we all do not like change um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having preserving multiple checking account but there’s a big amount of complexity chooses establishing a bank account maintaining it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is big but I think the sincere answer is change um people haven’t been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century or two there is a lot to track and this approach does position a number of difficulties um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this improved ability, I have successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your achievements. Can You Email Payslips Direct From Papaya Global